Michael Foods, Inc. (Nasdaq: MIKL) announced yesterday that it has acquired the assets of Ingredient Supply, LLC, a Cokato, Minn.-based processor of egg products. Ingredient Supply’s main products are hardcooked eggs, short shelf-life liquid eggs and frozen egg products. Annual sales approximate $10 million. Terms of the transaction were not disclosed.
Michael Foods’ Chairman, Chief Executive Officer and President, Gregg A. Ostrander, commented, “The addition of Ingredient Supply to the Michael Foods Egg Products Company will provide us with a larger presence in the value-added egg products industry. In particular, we have strengthened our position in the steadily growing hardcooked egg products market through this acquisition.”
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Michael Foods, Inc. is a diversified food processor and distributor with particular interests in egg products, refrigerated grocery products, specialty dairy products and refrigerated potato products. Principal subsidiaries include Papetti’s Hygrade Egg Products, Inc., M. G. Waldbaum Company, Crystal Farms Refrigerated Distribution Company, Kohler Mix Specialties, Inc. and Northern Star Co.
Certain items in this release are forward-looking statements, which are made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to numerous risks and uncertainties, including changes in domestic and international economic conditions. Additional risks and uncertainties include variances in the demand for the Company’s products due to customer developments and industry developments, as well as uncertainties as to the future level of domestic demand for hardcooked egg products. As a result, the Company’s actual financial results could differ materially from the results estimated by, forecasted by, or implied by the Company in such forward-looking statements.
